Cards (including but not limited to credit cards, such as VISA, MASTERCARD, AMERICAN EXPRESS, bank cards, department store cards, club membership cards, rebate cards, medical/insurance cards, drivers license, calling cards, etc.) are widely used for financial transactions such as payment and cash advance, or other non-financial transactions. An average person carries multiple credit cards and bank cards, along with many other cards in their wallet. Therefore, a system that can combine multiple cards into one card in a secured manner is preferable.
There are numerous patents describing a universal credit card and/or related device and process so that the end user can combine multiple cards into one card. Examples of such patents are U.S. Pat. No. 6,742,704 B2, U.S. Pat. No. 7,072,864 B2, and U.S. Pat. No. 7,334,732 B2. While each of the above patents claims to achieve its goal from technological point of view, they suffer one or more of the following shortcomings:
1) Does not have the true capability to put multiple cards into one card.
2) Does not provide a secure issuing and authentication process to give the counterparty in a transition the confidence a traditional card gives.
3) Card may be too bulky or fragile to work with existing business infrastructure systems, such as point of sale machines (POS) or automated teller machines (ATM).
For example, U.S. Pat. No. 6,742,704 B2 describes a system that allows a single card function as both a credit card, using magnetic stripe, and a club card, using printed information and/or a bar code. The system uses standard card issuing processes with minor modifications to add club card information. Another example is U.S. Pat. No. 7,072,864 B2, which discloses a system that can combine a merchant/service card, with a general use credit card. It functions as a merchant/service card when used with issuing merchant/service providers and as a credit card when used in other places. The system uses standard secure card issuing process. It enables the transition processing system to support both merchant/service card and credit card transition using magnetic stripe.
Yet, both inventions do not have the ability to combine multiple magnetic cards, such as, multiple credit cards, and/or bank cards, to a single card. In addition, when there is a request for a new card or a replacement card or a cancellation, a new physical card will need to be processed and sent to the user. The standard processing time will take many days and sometimes weeks to complete.
U.S. Pat. No. 7,334,732 B2 describes a hardware system to read and store multiple magnetic based cards to a single card. The card has a programmable magnetic stripe and embedded screen, power source, display and input device to allow user find and select one account, then program the account information to the magnetic stripe. Even though it may be possible to make such an integrated device technology-wise, it will be difficult to fit the system with batteries and LCD display in a standard credit card size that's robust enough for daily use in an existing POS or ATM machine. Furthermore, this invention lacks the secured process to add card information onto the system to give the issuing banks confidence to endorse such an invention. Without endorsement from issuing banks, it is also difficult for the merchants to accept such a card and accept such payment since the card created by this application may not be authorized by the original issuing institute. It not only doesn't look like a traditional credit card, it may also lack authority the original card carries.
In order to resolve these deficiencies, it has become apparent that a new system consisting of a new device and a new business process that can truly combine multiple cards into one card in a more secure manner and can be accepted by merchants with confidence and will be endorsed by issuing banks is highly desirable.
Moreover, it is important that the one card has the same size and look of any existing credit or bank ATM cards, so that the card can be used in current card readers at bank's ATMs, and/or at the merchants without requiring changes to the existing infrastructures for financial transactions such as accepting credit card payment at merchant site, depositing check or receiving cash at bank's ATM, or other financial or non financial transactions that are currently performed by various cards.
Furthermore, it is desirable to have a new one card system that has the built-in capability to receive, authenticate, and store all the related account information in a secured manner that can display related account information for users to choose the card for their next transaction. In addition, it is advantageous to have a new business process of processing, delivering, authenticating and activating the new account information that follows the current new and/or replacement card issuing and activation process with added layers of security, so that the counterparties (such as merchants and card issuers) can have the confidence to accept the card and will endorse the product.
It is further desired to have the “card” be issued by an authorized (such as DMV) or a centralized card processor (e.g. FDR, TSYS) with VISA, MASTERCARD, and/or AMERICAN EXPRESS logo on it, as well as user's name, address, etc., for authentication at banks and the merchant sites.
Furthermore, it is advantageous to have a process that allows a faster and easier way for the consumer to add a card or to cancel a card (or in the event of a lost and/or stolen card). Lastly, it is desirable that the new one card system can still be used without system change or upgrade when the merchants and banks upgrade their system to use smart card in the future and do not use magnetic card readers anymore.